Anarock predicts 85 new shopping malls for India in the next 5 years

By

Isabelle Crossley

Published
Jul 2, 2018

The real estate and property consulting firm Anarock predicts that, despite the rise of online shopping in India, shopping malls will continue to grow in popularity with 85 potential new malls constructed within the next five years.

Anarock has predicted a total of 85 new malls for India in the coming five years as its latest report maintains that, although online shopping continues to rise in India, this does not mean the death of offline retail. "There is so much talk of the death of brick-and-mortar retail as a consequence of the aggressive advent of e-commerce into the country, when the fact is that shopping malls have just got started in India - and they are definitely here to stay," said Anarock’s Retail Managing Director and CEO, Anuj Kejriwal, in a report. 

The report also stated that, from the estimate of 85 new malls, over 30 are expected to open in India’s eight largest metros by 2020 which will comprise almost 14 million square feet of retail space. Kejriwal opined that malls create an experience that online shopping cannot and it will be by tapping into this that malls will succeed in India. As malls are fast becoming a family entertainment destination, the report expresses confidence that India’s growing middle class will continue to frequent malls and that foreign fashion brands will continue to look to malls to retail from.

The report names the Delhi NCR, Mumbai, Pune, Chennai, and Bengaluru as the areas where the most malls currently are. Malls are expected to open in Tier 2 cities moving forward including in Ahmedabad, Chandigarh, Lucknow, and Jaipur.